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The service provider must deliver the service at the exact time of service consumption. The service is not manifested in a physical object that is independent of the provider. The service consumer is also inseparable from service delivery. Examples: The service consumer must sit in the hairdresser's chair, or in the airplane seat.
Services constitute over 50% of GDP in low income countries and as their economies continue to develop, the importance of services in the economy continues to grow. [2] The service economy is also key to growth, for instance it accounted for 47% of economic growth in sub-Saharan Africa over the period 2000–2005 (industry contributed 37% and agriculture 16% in the same period). [2]
Service 4.0 is a collective term for technologies and concepts of service and support function organizations, based on new disruptive technological concepts (big data, mobility), the Internet of Things and the Internet of Services. It is a similar concept to industry 4.0, applied to value chain. The proponents of Service 4.0 claim that it is a ...
It is also intended to drive economic integration whereby the once separate economies of the member states become integrated within a single EU-wide economy. [10] The creation of the internal market as a seamless, single market is an ongoing process, with the integration of the service industry still containing gaps. [11]
Business services are a recognisable subset of economic services, and share their characteristics. The essential difference is that businesses are concerned about the building of service systems in order to deliver value to their customers and to act in the roles of service provider and service consumer. [1]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Service (economics) D. Deindustrialization; G. Goods and services; Q. Quid pro quo; S. Service (business) Service wrap This page was last edited on 7 June 2020 ...
public transport (with real-time timetabling and route optimization, seamless travel and digital ticketing) Carsharing; Mobility as a service (MaaS) Mobility on Demand (MOD) [6] autonomous transport systems; smart mobility services in freight and logistics; drones and low-altitude aerial mobility